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Life Insurance Cover

As a Contractor you will no longer have the death-in-service associated with working for a large employer, so it is vital that you put a plan into place to secure your
families future should the worst happen.

ContractorFinancials specialise in finding the right insurance best suited your individual needs as a Contractor, and aim to provide this essential cover for you at an affordable price. There are two main types of life insurance: term cover and whole of life cover.

ContractorFinancials can recommend a variety of life cover policies which can be used in various ways to suit your needs:

Level term assurance plan

Pays a set lump sum to your dependents that they can then invest to gain an income. The spending power of this lump sum can be affected by external influences such as interest rates or inflation.

Covers you for the period in your life i.e. for when you have dependent children until they are 18 or 21.

Saves your family from being left with your debts by protecting loans or a mortgage.

Decreasing term assurance plan

Pays a lump sum that will be a steadily reducing level depending on when death occurs through the term of the plan. Can be used to provide funds to help settle a repayment mortgage if you die.

Family income benefit plan.

This policy will provide a set monthly or annual income over a pre-determined term so that your family will have help with the bills etc.

Your total payout will differ according to how far into your policy you are i.e. if you die early on then the overall payment will be larger than if you claim at the end of the policy.

Avoids the need for relatives to worry about investment of a lump sum.

Whole of life policy

This covers you for the whole of your life and is useful if you don’t want a policy to have an end date. The policy can be backed up by investments that build up over the life of the policy to ensure that premiums are kept more manageable as you get older.

Prices can be competitive if you take the policy out early and with an investment linked plan you have the option to take out a cash lump sum if the plan is encashed before you die. Please note that investment plans can increase and decrease in value throughout the life of the policy.

It is also possible for clients to protect life cover payments if they are unable to work due to illness or injury. After six months the insurer will maintain the payments so that your family or mortgage remains protected, this is called a ‘waiver of premium’.

ContractorFinancials are Independent Financial Advisors so they are able to search the whole of the market to find the best cover for your needs. They only work with
insurers that have a good history of paying claims and offer affordable cover for the duration of your time contracting.